Fiji unlikely to experience a recession

May 23, 2024 4:44 pm

[File Photo]

Fiji is unlikely to experience a recession, according to the ANZ Bank.

ANZ Bank’s report on the outlook for industry output states, the return to trend growth of almost 3 per cent annually after the pandemic-induced contraction is a positive result for Fiji, considering the output by various industries.

It says the constraints in international demand for travel in key markets with careful planning has put Fiji in a prime position to return its tourism industry to pre-pandemic output.

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The report states that Fiji could accelerate its slower industries, particularly construction, which would be broadened to the business-service sector.

It also highlights several opportunities in the space of energy, upgrading the water infrastructure and strengthening the network of transport.

It further states that Fiji would be put on a higher growth plane, with a diversified economy from improved infrastructure.

According to the report, with limited new sources of growth on horizon, Fiji goes back to the pre-pandemic routine where GDP grows by about 3 per cent annually.